The Growing Financial Burden of In-House Accounting
Managing finances is a critical aspect of running a successful business. However, hiring in-house accountants is becoming increasingly expensive due to rising salaries, benefits, and operational costs. According to the U.S. Bureau of Labor Statistics, the median annual wage for accountants and auditors was $79,880 in May 2023, and this number continues to rise. Additionally, businesses must bear the costs of office space, software, training, and employee benefits, making in-house accounting a significant financial commitment.
For many businesses, particularly small to mid-sized property management companies, these costs can strain their budgets, limiting opportunities for expansion and operational efficiency. This is where offshoring emerges as a viable alternative, offering cost savings without compromising on quality.
Why In-House Accounting Is Getting More Expensive
Several factors are contributing to the rising costs of hiring in-house accountants:
1. Higher Salaries & Benefits
The demand for skilled accountants is driving up salaries. Reports indicate that accounting salaries have increased by 15-20% over the past five years.
Employers must also cover benefits such as health insurance, retirement plans, and paid leave, adding thousands of dollars per employee.
2. Technology & Software Costs
Accounting software such as QuickBooks, Xero, and NetSuite requires ongoing subscriptions and updates.
Cybersecurity measures and compliance requirements further increase costs.
3. Employee Turnover & Training
The average turnover rate in accounting roles is around 15%, leading to frequent hiring and retraining expenses.
Training a new accountant can cost a company anywhere from $1,252 to $5,000 in lost productivity and onboarding expenses.
Offshoring: A Cost-Effective Alternative
Offshoring accounting services allows businesses to reduce costs while maintaining high-quality financial management. By working with trained professionals in global markets, businesses can benefit from skilled accountants at a fraction of the cost of hiring locally.
Benefits of Offshoring Accounting Services
Significant Cost Savings – Companies can save up to 50% on payroll expenses by leveraging offshore accounting professionals.
Access to Expert Talent – Offshore teams include highly trained accountants proficient in international accounting standards.
Scalability – Businesses can scale their accounting needs without the long-term commitment of full-time hires.
Operational Efficiency – Offshoring allows businesses to focus on core functions while professionals handle financial management.
How Own Door Helps Property Management Companies Optimize Accounting
Own Door specializes in helping property management companies streamline their operations by providing highly trained offshore professionals. Our dedicated accountants handle bookkeeping, financial reporting, and compliance, ensuring businesses operate smoothly while reducing overhead costs.
At Own Door, we empower property management businesses by offering:
Experienced Accounting Professionals trained in U.S. accounting standards.
Customizable Solutions tailored to each business's financial needs.
Reliable and Secure Financial Management with advanced technology and compliance protocols.
Frequently Asked Questions (FAQ)
1. Is offshoring accounting services secure?
Yes! Own Door follows strict security protocols, including data encryption and compliance with financial regulations, to protect sensitive business information.
2. How much can my business save with offshoring?
Businesses typically save between 40-60% on accounting costs compared to hiring in-house accountants.
3. Will offshore accountants understand U.S. tax laws?
Absolutely. Own Door’s professionals are trained in U.S. accounting principles, and compliance requirements.
4. Can I scale my accounting team with Own Door?
Yes! Our services are flexible, allowing businesses to expand or reduce their accounting teams as needed.
5. How do I get started with Own Door?
Simply visit owndoor.co to learn more about our services and schedule a consultation.
